DMGT missed regional boat

The recession is hammering media companies, and Daily Mail & General Trust is no exception. Advertising revenue at its regional papers plunged by 40% in January, while income at its national titles was off 23%. Tomorrow's trading statement is awaited with trepidation by shareholders who have seen the stock price more than halve in the past year to around 230p. But half of the company's operations are in the subscription-driven business-to-business sector, which shields it from the worst of the consumer downturn. Analysts say that the national titles are holding up relatively well, with retail advertising not as bad as the City's worst fears. But there are worries enough and investors complain that DMGT should have sold its Northcliffe regional franchise for close to £1bn three years ago, rather than pull the sale because offers came in too low. The company would be lucky to get more than a pittance for Northcliffe now, but perhaps Alexander Lebedev, who bought the Evening Standard from DMGT last month, will step in with a half-decent offer.

Dollar gives Smiths currency

Engineering company Smiths Group has been unloved in the City for years, frequently criticised as an outdated mini-conglomerate with disparate businesses that don't hang together. Shareholder demands for the company to be sold have abated as the dire economic climate means that prospective buyers are few and far between. But City analysts contend that the strengthening of the dollar is good for Smiths, which has a sizeable US business. Chief executive Philip Bowman, pictured, is meanwhile rumoured to be drawing up more cost-cutting measures, to please shareholders worried about the bottom line. But expanding the business at a time like this is no picnic.

Trust the luck of the Irish?

Just in case you haven't noticed, bank stocks have soared since the first week of March. Barclays is up 70%, while Lloyds is ahead 30% and HSBC 23%. Top prize goes to Bank of Ireland, which has soared 100%. But dare you?